Location: Rio Grande County, CO | Metro: Conejos County, CO
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $146,775 | 0.69% | D |
| 3BR | $1,400 | $204,267 | 0.69% | D |
| 4BR | $1,550 | $298,130 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 81140, located in La Jara, Colorado, stands out within Conejos County due to its unique demographic and economic characteristics. With a population of 1,893 residents, it has a rental rate of 26.8%, indicating a modest but significant portion of the community relies on rented properties. The median household income here is $46,781, which is relatively low compared to national averages, yet the median home value is notably higher at $219,086. This suggests that homeownership remains a priority despite the economic challenges faced by the area.
The voucher economics in La Jara provide an interesting perspective on housing affordability. The Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $970, whereas the current market rent, based on Census ACS data, is $718. This discrepancy indicates that there is potential for growth in rental costs, aligning with federal standards. Landlords and small-portfolio investors should be aware of these figures, as they suggest a possible upward trend in rental rates, driven by the need to meet the FMR levels. However, the lower market rent also implies that there might be resistance from tenants who find it challenging to afford the higher rents.
Given the data signature, the ZIP code 81140 appears to be in a transitional phase. The combination of a low median income with a higher median home value points towards an evolving market where affordability is a key issue. As rental rates approach the FMR, it will be crucial for landlords to balance the financial needs of their investments with the economic realities of the local population. This transition period offers opportunities for those who can adapt to the changing dynamics of the housing market in La Jara, while also posing risks if the market becomes too expensive for the majority of renters.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.